Gold prices edge up ....

Gold prices gained on Monday on mounting expectation of a Federal Reserve rate cut next week, reports Reuters.

Spot gold rose 0.2 per cent to $2,502.29 per ounce by 9:22 a.m. ET (1322 GMT) and U.S. gold futures were up 0.3 per cent to $2,531.50.

Bullion hit a record high of $2,531.60 on Aug. 20.

"The market seems to be reconciling that the Fed is probably more likely to do the smaller 25 basis point cut and that's sort of been my position all along," Grant added.

Spot silver rose 0.9 per cent to $28.17 per ounce, platinum gained 2.3 per centto $942.60 and palladium was up nearly 3 per cent to $937.75.